Knowles released results for the second quarter ended "Our second quarter results were above our prior projections," said
"Based on our current expectations of customer product launches and projected builds in the second half of the year, we continue to anticipate that 2014 will be a year of modest revenue growth for Knowles. In addition, restructuring initiatives across our business units are all on track and we remain committed to delivering year- over-year operating margin expansion in the fourth quarter of 2014."
In its release on
Significant achievements in the quarter relative to business performance, innovation and operational excellence are as follows:
-Doubled sales to Chinese OEMs from the year ago period.
-Shipped our two millionth MEMS microphone to the hearing health industry.
-Began shipment of N' Bass-enabled Integrated Audio Solution for tablets with a leading Chinese OEM.
-Completed transfer of Capacitor manufacturing operations from the
-Closed Vienna production facility with financial benefits beginning in the third quarter of 2014.
-Leveraged MEMS technology leadership to deliver the world's first digital microphone supporting ultrasonic bandwidth which can enable a whole new category of applications in the mobile consumer market.
The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its gross profit, operating expenses, earnings before interest and income taxes, adjusted earnings before interest and income taxes, net earnings and diluted earnings per share on a non-GAAP basis that excludes stock compensation as well as certain intangibles amortization expense, restructuring and production transfer costs, and other charges which management considers to be outside our core operating results. Non- GAAP results are not presented in accordance with GAAP and may not be comparable to similarly titled non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP.
-Revenue for the second quarter of 2014 was
-Gross profit for the second quarter of 2014 was
-Loss before interest and income taxes for the second quarter of 2014 was
-Adjusted earnings before interest and income taxes for the second quarter of 2014 were
-Provision for income taxes for the second quarter of 2014 was
-Net loss for the second quarter of 2014 was
-Loss per share for the second quarter of 2014 was
-Non-GAAP EPS for the second quarter of 2014 was
Third Quarter 2014 Outlook
The following forward looking guidance for the third quarter ending
-Non-GAAP Gross Margin: 32 percent to 34 percent
-Adjusted EBIT Margin: 14 percent to 15 percent
Q3 2014 GAAP results are expected to include approximately
Knowles is a provider of micro-acoustic solutions and specialty components.
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Knowles released results for the second quarter ended
"Our second quarter results were above our prior projections," said